Also, is there a clause I can add to the lease to protect us from potential bankruptcy?

I say you are VERY wrong.In my area older renovated houses demand top dollar on rents and I can find distressed properties or motivated sellers so I can buy at huge discounts for cash.I do not have constant repairs as I fix them up correctly after I buy them.House values are based on comps.

You could raise your deductibles on your existing insurance policies (consistent with any mortgage on the property) or talk with independent insurance brokers to see whether you can find a better policy. 

.- Are there any other endorsements / options that can be added to a standard policy which act as a substitution or supplemental for an EQ policy?

Can the landlord provide documentation of their payment history?

Conversely, anyone can buy a random house in the midwest, underestimate capex, and... lose money. 

Prioritize Communication with Your TenantsWhy: They’re directly affected, and maintaining trust is essential to prevent disputes.How:Sincerely apologize and keep them informed about the steps you’re taking (even if progress is slow).Consider offering additional compensation (like another rent reduction, covering temporary shower solutions, or a gym membership for shower access).Document everything in writing to show your good-faith efforts, this can protect you legally if tensions rise.2.

Contact the zoning department and see if you can get the property rezoned as a duplex.

Plus, they can give you the lowdown on the whole process and help you every step of the way.You've got this!

I have to assess the building codes and modify it anyway, which can be more time consuming than working from scratch.